In a step towards advancing the digital age of clinical research, Triall will utilize LTO Network's blockchain technology and infrastructure to anchor research data to the blockchain, securing the integrity and security of clinical trial data.
"Together, we are building the world's first clinical-trial software powered by the blockchain that will secure and streamline the development of a safe and affordable future in medicine," said Rick Schmitz, CEO of LTO Network.
"The ongoing COVID-19 crisis has sparked digital transformation across the pharmaceutical landscape. Our collaboration with LTO Network will pave the way for a range of innovative e-clinical software solutions supporting decentralized clinical trials," said Hadil Es-Sbai, CEO of Triall.
Clinical Advantages of Blockchain Technology
Modern clinical trials take years to complete, often involving vast amounts of data that need to be secured and protected to ensure not only a steady timetable, but also the reliability and integrity of the data involved.
Despite its roots in the financial sector, many aspects of blockchain technology—namely decentralization, security and privacy—offer several advantages in the realm of clinical trials.
Clinical trial operations are plagued by extreme cases of fragmentation, leading to lack of oversight, recordkeeping failures, delays, and enormous amounts of unnecessary costs. According to an industry-wide survey, 98% of clinical trial professionals report the need to unify and integrate isolated systems and processes. Decentralized identity solutions, underpinned by emerging blockchain standards such as Decentralized Identifiers and Verifiable Credentials, offer ample opportunities for consolidating the severely fragmented landscape of clinical trial stakeholders and software systems.
Clinical trials are not immune to fraud, bias and selective reporting. The immutability and traceability of data proofs anchored to the blockchain ensure the transparency and integrity of research data, improving the trustworthiness of all clinical research across the board.